Gov. Phil Murphy, Assembly Speaker Craig Coughlin and Senate President Nick Scutari shared more details on the revision of the controversial “StayNJ” property-tax relief plan for residents age 65 and older at a news conference on Wednesday.
Coughlin said “StayNJ” would dramatically cut taxes for 97% of senior homeowners in the state. He said he’s made it his mission to make New Jersey more affordable because he believes it’s a great place to live, raise a family and grow old in.
The plan seeks to cut property taxes in half for residents age 65 and older if they make less than $500,000 a year, but puts a $6,500 cap on the relief. Details are still being ironed out and the Legislature has yet to vote on the plan. If approved, the plan will go into effect in 2026.
“If you’re a senior, this is a really big day for you,” Coughlin said.
